Albany International (NYSE:AIN) Downgraded to Hold at Zacks Investment Research

Zacks Investment Research cut shares of Albany International (NYSE:AIN) from a buy rating to a hold rating in a research report sent to investors on Friday morning, Zacks.com reports.

According to Zacks, “Albany International Corp. is a global advanced textiles and materials processing company. Albany International has two core businesses, The Machine Clothing segment is the world’s leading producer of custom-designed fabrics and belts essential to production in the paper, nonwovens, and other process industries. Albany Engineered Composites (AEC) is a rapidly growing supplier of highly engineered composite parts for the aerospace industry. Albany International products and technologies help make paper smoother, tissue softer, and aircraft engines and structures lighter. “

A number of other equities analysts have also commented on the stock. Robert W. Baird lowered shares of Albany International from an outperform rating to a neutral rating and dropped their price target for the company from $93.00 to $80.00 in a research report on Tuesday, October 22nd. Sidoti lowered their price objective on shares of Albany International from $86.00 to $82.00 and set a neutral rating on the stock in a research note on Wednesday, December 18th. ValuEngine downgraded shares of Albany International from a hold rating to a sell rating in a research note on Monday, November 4th. Cowen reiterated a hold rating and issued a $85.00 price objective on shares of Albany International in a research report on Tuesday, November 26th. Finally, Bank of America initiated coverage on Albany International in a research report on Thursday, September 12th. They issued a buy rating and a $99.00 price objective for the company. One analyst has rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the stock. Albany International currently has a consensus rating of Hold and a consensus target price of $88.50.

Shares of AIN opened at $77.63 on Friday. The firm has a market cap of $2.48 billion, a PE ratio of 20.94, a PEG ratio of 2.04 and a beta of 1.62. The firm’s 50 day moving average price is $80.97 and its 200 day moving average price is $82.71. The company has a debt-to-equity ratio of 0.64, a quick ratio of 2.58 and a current ratio of 3.13. Albany International has a twelve month low of $61.33 and a twelve month high of $92.04.

Albany International (NYSE:AIN) last released its quarterly earnings results on Tuesday, October 29th. The textile maker reported $1.17 EPS for the quarter, beating the Zacks’ consensus estimate of $0.77 by $0.40. Albany International had a net margin of 11.53% and a return on equity of 18.66%. The company had revenue of $271.13 million for the quarter, compared to analyst estimates of $260.00 million. On average, sell-side analysts anticipate that Albany International will post 3.93 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 8th. Shareholders of record on Monday, December 23rd will be given a dividend of $0.19 per share. The ex-dividend date is Friday, December 20th. This represents a $0.76 dividend on an annualized basis and a yield of 0.98%. This is an increase from Albany International’s previous quarterly dividend of $0.18. Albany International’s dividend payout ratio is 29.57%.

A number of large investors have recently added to or reduced their stakes in AIN. BlackRock Inc. raised its stake in Albany International by 8.0% in the 2nd quarter. BlackRock Inc. now owns 4,584,183 shares of the textile maker’s stock valued at $380,076,000 after acquiring an additional 340,272 shares during the period. Vanguard Group Inc. grew its holdings in shares of Albany International by 5.8% during the 2nd quarter. Vanguard Group Inc. now owns 3,238,004 shares of the textile maker’s stock worth $268,463,000 after purchasing an additional 177,224 shares in the last quarter. Earnest Partners LLC grew its holdings in shares of Albany International by 0.8% during the 2nd quarter. Earnest Partners LLC now owns 1,440,759 shares of the textile maker’s stock worth $119,453,000 after purchasing an additional 11,569 shares in the last quarter. State Street Corp grew its holdings in shares of Albany International by 1.5% during the 3rd quarter. State Street Corp now owns 870,144 shares of the textile maker’s stock worth $78,605,000 after purchasing an additional 12,699 shares in the last quarter. Finally, Conestoga Capital Advisors LLC grew its holdings in shares of Albany International by 137.3% during the 3rd quarter. Conestoga Capital Advisors LLC now owns 866,310 shares of the textile maker’s stock worth $78,107,000 after purchasing an additional 501,276 shares in the last quarter. 94.53% of the stock is owned by hedge funds and other institutional investors.

About Albany International

Albany International Corp. engages in the textile and materials processing businesses. The company operates in two segments, Machine Clothing (MC) and Albany Engineered Composites (AEC). The MC segment designs, manufactures, and markets paper machine clothing. This segment offers forming, pressing, and dryer fabrics, as well as process belts.

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